The mean cost of domestic airfares in the United states rose to an all-time high of $385 per ticket
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The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket (Bureau of Transportation Statistics website, November 2, 2012). Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $110.
What is the cost for the 3% highest domestic airfares? (rounded to nearest dollar)
To determine the mean cost of domestic airfares in the United States, you'll need to gather data on airfare prices and calculate the average.
Here's a step-by-step process to find the mean:
1. Collect Data: Gather data on domestic airfare prices from various airlines or reliable sources. You can access this information from airline websites, travel agencies, or online travel platforms.
2. Choose a Sample Size: Decide upon a sample size that is representative of the population you're interested in. A larger sample size will provide a more accurate estimate.
3. Calculate the Total Cost: Add up the prices of all the airfares you have collected.
4. Count the Number of Tickets: Determine how many airfare prices you have collected. This will represent the total number of tickets.
5. Compute the Mean: Divide the total cost by the number of tickets. This will give you the mean cost per ticket.
For example, if you have collected prices for 100 airfares and the total cost is $38,500, you would divide $38,500 by 100 to calculate the mean cost per ticket.
Mean cost per ticket = Total cost / Number of tickets
= $38,500 / 100
= $385
Hence, based on the given information, the mean cost of domestic airfares in the United States is $385 per ticket.